Recovery: the Deutsche Bank bonuses by Jain and co. – Handelsblatt

Anshu Jain / Jürgen Fitschen

According to a media report, Jürgen Fitschen, Ex-CEO Josef Ackermann and other Top stand beside Anshu Jain-Manager on the requirement list of Deutsche Bank.

(photo: AP)

DüsseldorfIn the years leading up to the financial crisis, Anshu Jain, was a Star at Deutsche Bank. As an expert in fixed-income securities, the Briton had made with Indian roots, a name, and was promoted to chief of the investment Bank. A year, it’s a line of millions, because he brought to the Bank profits in the billions into the house.

However, many practices in the trade halls later turned out to be questionable, in part, they had high penalties – such as forbidden price-fixing agreements with other banks to the important Libor interest rate. His Work at the Bank is increasingly considered critical.

Finally, the litigation burden because of the controversial transactions from Jains active time, the Bank still. A report of the “süddeutsche Zeitung” (SZ) according to the money house wants to ask, therefore, now a double-digit million amount of Jain, as reported with reference to the financial crisis.

The remuneration contracts for Bank executives have been revised since the financial crisis, and included the so-called “Clawback,” or penalty clauses. They cause over many years stretched bonus can be frozen distributions, respectively. According to the SZ, the Bank checks not yet due become bonus payments to withhold and also have already pledged millions to recover.

“pension rights [on bonuses] may be wholly or partially forfeited, for example, in the case of individual misconduct (including a violation of regulations), or (…) even in the case of a negative result of the group or individual negative profit contributions”, as it is stated in the remuneration report of the Bank for the year 2015.

Except Jain who ran from 2012 to 2015 as a Co-head of the Bank, would also be his counterpart Jürgen Fitschen, Ex-Chairman Josef Ackermann (2002 to 2012) and a number of other Top managers on the requirement list.

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The conflict between the current and the previous group’s management is well known. So the speaker of the incumbent leaders, John Cryan had said in a television broadcast in October, that Ackermann was not dipped during his time as head of “deep” and the company continued as a Chairman of the Supervisory Board. Also Fitschen and Jain had tried again and again, the blame for the miserable years of the Bank, Josef Ackermann.

Meanwhile, two Manager-generations are in the internal cross-fire. Claims for the Bank, according to the report, compared with the former members of the Board, Hermann-Josef Lamberti, and Michael Cohrs, and Hugo Bänziger. In the case of Jain in the case of Ackermann, 3.5 million euros will be withheld according to the SZ-5.3 million euros in bonuses. To be a part of an award that would, but not yet premiums.

For the year 2012 had not waived Jain to two million euros of bonuses to earn in total as Jürgen Fitschen, with whom he was together to the top of the Bank. In the meantime, most of the chief Executive officer of Cryan newly appointed Board of Directors was dispensed with after a billion loss of the company bonuses for the year 2015. Also in the case of continued poor results, the management Bonus loss was ready, had private said customer-management Board Christian Sewing in August.